State revenues decline by $439 million

RICHMOND, Va. (AP) -- Virginia ended fiscal 2014 with a $438.5 million shortfall, a 1.6 percent drop from the year before.

Gov. Terry McAuliffe's administration announced the shortfall Thursday. His office did not say whether the shortfall would lead to budget cuts.

The governor signed a budget last month that had anticipated a smaller budget shortfall for fiscal 2014 of about $350 million.

State officials have known for several weeks that revenues would be off thanks in large part to lower-than-expected tax revenues from capital gains, which the McAuliffe administration said was due to changes in federal tax policy.

Payroll and sales tax revenues were also below forecasts, which the administration said was largely due to cuts in federal government spending.

legalize marijuana, problem solved. its 2014 we all know the lies told about the “gateway drug”...time to shift the power and earn the revenue and tax dollars that this plant can provide to our country…makes no sense that i can go to a bar and be fed poison until i could die but cant smoke a joint and take a nap after eating…sad sad country…

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